Penn Series Information
Fund Profiles
Penn Series SMID Cap Value Fund
Seeks long-term growth of capital
The Fund invests in small- and medium-sized companies that are believed to be undervalued and have long-term earnings potential.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | AllianceBernstein L.P. |
| Total Annual Fund Operating Expenses1 | 1.16% |
| Top 10 Holdings2 |
|---|
| Idacorp Inc |
| Tenet Healthcare Corp |
| Laureate Education Inc |
| Jones Lang Lasalle Inc |
| Bj'S Wholesale Club Holdings Inc |
| The Hanover Insurance Group Inc |
| Encompass Health Corp |
| Reliance Inc |
| American Financial Group Inc/Oh |
| Technipfmc Plc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Limited Maturity Bond Fund
Seeks to maximize total return consistent with preservation of capital
The Fund invests primarily in short- to intermediate-term investment grade debt securities of the U.S. government and corporate issuers.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.73% |
| Top 10 Holdings2 |
|---|
| Gs Mortgage-Backed Securities Trust 2021-Pj7 |
| Vista Point Securitization Trust 2020-1 |
| Slm Student Loan Trust 2014-2 |
| Bsprt 2021-Fl6 Issuer Ltd |
| Sba Tower Trust |
| Nelnet Student Loan Trust 2004-4 |
| Ecmc Group Student Loan Trust 2018-2 |
| Obx 2023-Nqm8 Trust |
| Regal Rexnord Corp |
| Towd Point Mortgage Trust 2020-4 |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series High Yield Bond Fund
Seeks to realize high current income
The Fund invests primarily in high-yield corporate bonds that are rated below investment grade, as well as income producing convertible securities and preferred stocks.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.74% |
| Top 10 Holdings2 |
|---|
| Alumina Pty Ltd |
| Vistra Corp |
| Energy Transfer Lp |
| Encompass Health Corp |
| Nova Chemicals Corp |
| Expand Energy Corp |
| Service Corp International/Us |
| Cco Holdings Llc / Cco Holdings Capital Corp |
| Cco Holdings Llc / Cco Holdings Capital Corp |
| Trivium Packaging Finance Bv |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Flexibly Managed Fund
Seeks to maximize total return (capital apprecaition and income)
The Fund invests in common stocks of well established U.S. companies with above-average potential for capital growth as well as convertible securities, preferred stocks, corporate and governmental debt securities.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | T. Rowe Price Associates, Inc. |
| Total Annual Fund Operating Expenses1 | 0.87% |
| Top 10 Holdings2 |
|---|
| Microsoft Corp |
| Nvidia Corp |
| Apple Inc |
| Amazon.Com Inc |
| United States Treasury Note/Bond |
| United States Treasury Note/Bond |
| United States Treasury Note/Bond |
| Becton Dickinson & Co |
| United States Treasury Note/Bond |
| Meta Platforms Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Balanced Fund
Seeks long-term growth and current income
The Fund invests in a combination of underlying Penn Series Funds with an allocation strategy designed to provide a mix of the growth opportunities of stock investing with the income opportunities of fixed income securities.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.67% |
| Top 10 Holdings2 |
|---|
| Index 500 Fund |
| Quality Bond Fund |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Growth Stock Fund
Seeks long-term capital growth
The Fund invests in common stocks of well established companies that are believed to have long-term growth potential and an above-average rate of earnings growth.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | T. Rowe Price Associates, Inc. |
| Total Annual Fund Operating Expenses1 | 0.93% |
| Top 10 Holdings2 |
|---|
| Nvidia Corp |
| Microsoft Corp |
| Apple Inc |
| Amazon.Com Inc |
| Alphabet Inc |
| Meta Platforms Inc |
| Broadcom Inc |
| Tesla Inc |
| Netflix Inc |
| Visa Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Cap Growth Fund
Seeks to achieve long-term capital appreciation
The Fund invests in companies believed to have above average earnings growth potential compared to other growth companies.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Massachusetts Financial Services Company |
| Total Annual Fund Operating Expenses1 | 0.86% |
| Top 10 Holdings2 |
|---|
| Microsoft Corp |
| Nvidia Corp |
| Apple Inc |
| Visa Inc |
| Taiwan Semiconductor Manufacturing Co Ltd |
| Amphenol Corp |
| Accenture Plc |
| Mastercard Inc |
| Eaton Corp Plc |
| Alphabet Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Core Growth Fund
Seeks to provide growth of capital
The Fund invests in securities of companies with strong name recognition and sustainable competitive advantages.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Delaware Investments Fund Advisers |
| Total Annual Fund Operating Expenses1 | 0.85% |
| Top 10 Holdings2 |
|---|
| Nvidia Corp |
| Microsoft Corp |
| Apple Inc |
| Amazon.Com Inc |
| Visa Inc |
| Alphabet Inc |
| Intercontinental Exchange Inc |
| Mastercard Inc |
| Intuit Inc |
| Danaher Corp |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Cap Value Fund
Seeks to achieve long-term growth of capital
The Fund invests in securities of companies it believes possess a structual competitve advantage or durable market leadership position.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | AllianceBernstein L.P. |
| Total Annual Fund Operating Expenses1 | 0.96% |
| Top 10 Holdings2 |
|---|
| Jpmorgan Chase & Co |
| Johnson & Johnson |
| Berkshire Hathaway Inc |
| Rtx Corp |
| Texas Instruments Inc |
| Walmart Inc |
| Citigroup Inc |
| Eog Resources Inc |
| Wells Fargo & Co |
| Regeneron Pharmaceuticals Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Large Core Value Fund
Seeks total return
The Fund invests primarily in dividend-paying value stocks and may also invest in REITs, non-income producing stocks and fixed-income securities such as convertible debt.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Eaton Vance Management |
| Total Annual Fund Operating Expenses1 | 0.91% |
| Top 10 Holdings2 |
|---|
| Bank Of America Corp |
| Amazon.Com Inc |
| Exxon Mobil Corp |
| Abbott Laboratories |
| The Charles Schwab Corp |
| Meta Platforms Inc |
| American International Group Inc |
| Csx Corp |
| Wells Fargo & Co |
| Reinsurance Group Of America Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Index 500 Fund
Seeks a total return (capital appreciation and income) which corresponds to that of the S&P 500® Index
The Fund invests in securities of the S&P 500 Index in an attempt to replicate the performance of the Index.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | SSGA Funds Management, Inc. |
| Total Annual Fund Operating Expenses1 | 0.34% |
| Top 10 Holdings2 |
|---|
| Nvidia Corp |
| Microsoft Corp |
| Apple Inc |
| Amazon.Com Inc |
| Meta Platforms Inc |
| Broadcom Inc |
| Alphabet Inc - Class A |
| Tesla Inc |
| Alphabet Inc - Class C |
| Berkshire Hathaway Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Cap Growth Fund
Seeks to maximize capital appreciation
The Fund invests in equity securities believed to have strong earnings growth potential and that are diversified across economic sectors.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Delaware Investments Fund Advisers |
| Total Annual Fund Operating Expenses1 | 0.96% |
| Top 10 Holdings2 |
|---|
| Idexx Laboratories Inc |
| Royal Caribbean Cruises Ltd |
| Costar Group Inc |
| Cloudflare Inc |
| Alnylam Pharmaceuticals Inc |
| Fastenal Co |
| Monolithic Power Systems Inc |
| Datadog Inc |
| Insulet Corp |
| Howmet Aerospace Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Cap Value Fund
Seeks to achieve growth of capital
The Fund invests in the equity securities of high quality companies believed to be trading at substantial discount to their intrinsic value where there is a strategic plan or event that is expected to both enhance value and narrow the value/price gap.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Janus Henderson Investors US LLC |
| Total Annual Fund Operating Expenses1 | 0.83% |
| Top 10 Holdings2 |
|---|
| Casey'S General Stores Inc |
| Alliant Energy Corp |
| Expand Energy Corp |
| Vontier Corp |
| Entergy Corp |
| Everest Group Ltd |
| L3harris Technologies Inc |
| Agree Realty Corp |
| The Pnc Financial Services Group Inc |
| Ally Financial Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Mid Core Value Fund
Seeks to achieve capital appreciation
The Fund invests in companies whose stock price may not reflect the company's value and hold each stock until its price more accurately reflects the fair value of the company.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | American Century Investment Management, Inc. |
| Total Annual Fund Operating Expenses1 | 1.04% |
| Top 10 Holdings2 |
|---|
| Zimmer Biomet Holdings Inc |
| Henry Schein Inc |
| Us Bancorp |
| Willis Towers Watson Plc |
| Xcel Energy Inc |
| Csx Corp |
| Enterprise Products Partners Lp |
| Truist Financial Corp |
| Commerce Bancshares Inc/Mo |
| Realty Income Corp |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series SMID Cap Growth Fund
Seeks long-term growth of capital
The Fund invests in small- and medium-sized growth companies believed to have unique business models, sustainable growth and knowledgeable management teams.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Goldman Sachs Asset Management, L.P. |
| Total Annual Fund Operating Expenses1 | 1.04% |
| Top 10 Holdings2 |
|---|
| Loar Holdings Inc |
| Jefferies Financial Group Inc |
| Lattice Semiconductor Corp |
| Rbc Bearings Inc |
| Insmed Inc |
| Guidewire Software Inc |
| Credo Technology Group Holding Ltd |
| Astera Labs Inc |
| Natera Inc |
| Houlihan Lokey Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Quality Bond Fund
Seeks the to maximize total return over the long term consistent with the preservation of capital
The Fund invests primarily in marketable investment grade debt securities that are believed to be undervalued based on their quality, maturity and sector in the marketplace.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.68% |
| Top 10 Holdings2 |
|---|
| United States Treasury Note/Bond |
| Freddie Mac Pool |
| Fannie Mae Pool |
| Freddie Mac Remics |
| Sequoia Mortgage Trust 2013-3 |
| Fremf 2019-K735 Mortgage Trust |
| Freddie Mac Pool |
| Fremf 2019-K102 Mortgage Trust |
| Fremf 2016-K52 Mortgage Trust |
| Benchmark 2019-B9 Mortgage Trust |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Growth Fund
Seeks capital appreciation
The Fund invests in small capitalization companies with differentiated business models and sustainable competitive advantages; holds these companies to capture more growth potential over a longer period.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Janus Henderson Investors US LLC |
| Total Annual Fund Operating Expenses1 | 0.99% |
| Top 10 Holdings2 |
|---|
| Ss&C Technologies Holdings Inc |
| Mirion Technologies Inc |
| Stride Inc |
| Osi Systems Inc |
| Crown Holdings Inc |
| Sensient Technologies Corp |
| Lpl Financial Holdings Inc |
| Casey'S General Stores Inc |
| The Descartes Systems Group Inc |
| Zurn Elkay Water Solutions Corp |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Value Fund
Seeks capital appreciation
The Funds invests in well-positioned cash generating businesses at a price considered low enough to help provide a healthy margin of safety.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Goldman Sachs Asset Management, L.P. |
| Total Annual Fund Operating Expenses1 | 0.98% |
| Top 10 Holdings2 |
|---|
| Umb Financial Corp |
| Ameris Bancorp |
| Pennymac Financial Services Inc |
| Glacier Bancorp Inc |
| Cadence Bank |
| Atlantic Union Bankshares Corp |
| Renasant Corp |
| Taylor Morrison Home Corp |
| Spx Technologies Inc |
| Valley National Bancorp |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Small Cap Index Fund
Seeks a replicate the returns and characteristics of a small cap index
The Fund invests in securities of companies included in the Russell 2000 Index to attempt to replicate the performance of the Index.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | SSGA Funds Management, Inc. |
| Total Annual Fund Operating Expenses1 | 0.71% |
| Top 10 Holdings2 |
|---|
| Credo Technology Group Holding Ltd |
| Bloom Energy Corp |
| Ionq Inc |
| Kratos Defense & Security Solutions Inc |
| Fabrinet |
| E-Mini Russ 2000 Dec25 |
| Coeur Mining Inc |
| Oklo Inc |
| Rambus Inc |
| Hims & Hers Health Inc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Developed International Index Fund
Seeks to replicate the returns and characteristics of an international index composed of securities from developed countries
The Fund invests in securities listed in the Morgan Stanley Capital International Europe, Australia, Far East (MSCI EAFE) Index in an attempt to replicate the Index.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | SSGA Funds Management, Inc. |
| Total Annual Fund Operating Expenses1 | 0.94% |
| Top 10 Holdings2 |
|---|
| Msci Eafe Dec25 |
| Asml Holding Nv |
| Sap Se |
| Hsbc Holdings Plc |
| Novartis Ag |
| Astrazeneca Plc |
| Nestle Sa |
| Roche Holding Ag |
| Shell Plc |
| Siemens Ag |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series International Equity Fund
Seeks to achieve capital appreciation
The Fund invests primarily in higher quality growth companies with consistent operating histories, financial performance and long-term prospects operating in Europe and the Pacific Basin.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Vontobel Asset Management, Inc. |
| Total Annual Fund Operating Expenses1 | 1.05% |
| Top 10 Holdings2 |
|---|
| Tencent Holdings Ltd |
| Taiwan Semiconductor Manufacturing Co Ltd |
| Rheinmetall Ag |
| Safran Sa |
| Prudential Plc |
| Galderma Group Ag |
| Legrand Sa |
| Royal Bank Of Canada |
| Nongfu Spring Co Ltd |
| Flutter Entertainment Plc |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Emerging Markets Equity Fund
Seeks to achieve capital appreciation
The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities (or equity-linked instruments) of issuers of any capitalization located in emerging market countries.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Vontobel Asset Management, Inc. |
| Total Annual Fund Operating Expenses1 | 1.32% |
| Top 10 Holdings2 |
|---|
| Taiwan Semiconductor Manufacturing Co Ltd |
| Tencent Holdings Ltd |
| Aia Group Ltd |
| Nongfu Spring Co Ltd |
| Eurobank Ergasias Services And Holdings Sa |
| Accton Technology Corp |
| Contemporary Amperex Technology Co Ltd |
| Sk Hynix Inc |
| Netease Inc |
| Totvs Sa |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Real Estate Securities Fund
Seeks to achieve a high total return consistent with reasonable investment risks
The Fund invests in common stocks and other equity securities issued by real estate companies of any market capitalization, including real estate investment trusts (REITs).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | Cohen & Steers Capital Management, Inc. |
| Total Annual Fund Operating Expenses1 | 0.97% |
| Top 10 Holdings2 |
|---|
| Welltower Inc |
| Digital Realty Trust Inc |
| Crown Castle Inc |
| Prologis Inc |
| American Tower Corp |
| Sba Communications Corp |
| Extra Space Storage Inc |
| Equinix Inc |
| Invitation Homes Inc |
| Agree Realty Corp |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Aggressive Allocation Fund
Seeks to achieve long-term capital growth consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (85%-100% of its assets in equity funds and 0%-15% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.13% |
| Top 10 Holdings2 |
|---|
| Index 500 Fund |
| Flexibly Managed Fund |
| International Equity Fund |
| Large Cap Value Fund |
| Large Growth Stock |
| Quality Bond Fund |
| Mid Core Value Fund |
| Real Estate Securities Fund |
| Developed International Index |
| Large Core Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderately Aggressive Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (70%-100% of its assets in equity funds and 0%-30% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.08% |
| Top 10 Holdings2 |
|---|
| Index 500 Fund |
| Quality Bond Fund |
| Flexibly Managed Fund |
| International Equity Fund |
| Large Cap Value Fund |
| Mid Core Value Fund |
| Real Estate Securities Fund |
| Developed International Index |
| Large Core Value Fund |
| Large Growth Stock |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderate Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (50%-70% of its assets in equity funds and 30%-50% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.05% |
| Top 10 Holdings2 |
|---|
| Quality Bond Fund |
| Index 500 Fund |
| Flexibly Managed Fund |
| Mid Core Value Fund |
| Real Estate Securities Fund |
| Developed International Index |
| High Yield Bond Fund |
| International Equity Fund |
| Large Cap Value Fund |
| Large Growth Stock |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Moderately Conservative Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (30%-50% of its assets in equity funds and 50%-70% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.05% |
| Top 10 Holdings2 |
|---|
| Quality Bond Fund |
| Index 500 Fund |
| Flexibly Managed Fund |
| Limited Maturity Bond Fund |
| High Yield Bond Fund |
| Real Estate Securities Fund |
| International Equity Fund |
| Mid Core Value Fund |
| Large Cap Value Fund |
| Developed International Index |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Conservative Allocation Fund
Seeks to achieve long-term capital growth and current income consistent with its asset allocation strategy
The Fund invests using a fund-of-funds strategy investing in a combination of other portfolios of Penn Series Funds, Inc. in accordance with its target asset allocations (20%-40% of its assets in equity funds and 60%-80% of its assets in fixed income and money market funds).
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 1.04% |
| Top 10 Holdings2 |
|---|
| Quality Bond Fund |
| Limited Maturity Bond Fund |
| Index 500 Fund |
| Flexibly Managed Fund |
| High Yield Bond Fund |
| Mid Core Value Fund |
| Real Estate Securities Fund |
| Developed International Index |
| Large Core Value Fund |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
Penn Series Money Market Fund
Government money market fund that seeks current income, while preserving capital and liquidity
Invests only in U.S. dollar-denominated securities that are determined to present minimal credit risk and meet certain other criteria, including relating to maturity, diversification, liquidity and credit quality.
| Advisers and Expenses | |
|---|---|
| Investment Adviser | Penn Mutual Asset Management, LLC |
| Investment Sub-Adviser | N/A |
| Total Annual Fund Operating Expenses1 | 0.61% |
| Top 10 Holdings2 |
|---|
| Freddie Mac Discount Notes - 12/8/25 |
| United States Treasury Bill - 10/30/25 |
| Federal Farm Credit Discount Notes - 10/22/25 |
| United States Treasury Bill - 11/6/25 |
| Federal Farm Credit Discount Notes - 10/28/25 |
| Federal Farm Credit Discount Notes - 10/1/25 |
| Freddie Mac Discount Notes - 10/2/25 |
| Fannie Mae Discount Notes - 10/3/25 |
| United States Treasury Bill - 10/23/25 |
| Federal Home Loan Bank Discount Notes - 11/28/25 |
1Total Annual Fund Operating Expenses as of May 1, 2025.
2Holdings information as of September 30, 2025.
Investors should consider the investment objectives, risks, charges and expenses of a variable insurance product carefully before investing. There is no guarantee the stated investment strategy will result in a positive return or that investment objective will be met. Please carefully read the prospectuses for the relevant variable insurance product as well as its underlying investment options, which contain this and other information about the product. You can obtain a prospectus from Penn Mutual or a Registered Representative. Penn Mutual's investment options are not available for direct investment, are available only through the Penn Mutual line of variable insurance products and are subject to market risk and may lose value. Penn Mutual's variable products are primarily offered through Hornor, Townsend & Kent, LLC (HTK), Registered Investment Adviser, Member FINRA/SIPC, Eight Tower Bridge, 161 Washington Street, Suite 1111, Conshohocken, PA 19428, 800-873-7637. HTK is a wholly owned subsidiary of The Penn Mutual Life Insurance Company.
| Investment Adviser | |
| Investment Sub-Adviser | |
| Total Annual Fund Operating Expenses1 |
Who's Penn Mutual?
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